...Steven A. Harrast; Debra McGilsky; Yan (Tricia) Sun SUMMARY Cryptocurrencies pose several risks that impact the inherent risk assessments of auditors. The SEC has issued warnings about the risks ( Clayton 2017 ), and the PCAOB lists virtual assets as a key focus area in future inspections...

... associates at a CPA firm, students first engage in a training activity in which they deconstruct substantive audit tasks into significant financial statement accounts, management assertions, and types of audit procedures related to each task. Then, students consider inherent risk factors for a client...